Zurich-headquartered financial group EFG International has completed the acquisition of the Luxembourg-based private banking activities of UBI Banca International (Luxembourg) from Unione di Banche Italiane.
The move was announced on 28 April 2016. UBI Banca International (Luxembourg) has assets under management of circa €2.4bn and tallies around €1.5bn of assets under custody.
The acquisition expands EFG International’s footprint in Luxembourg and strengthens the bank’s focus on increasing its wealth management presence in Europe.
The Luxembourg-based private banking activities of UBI will be renamed EFG Banque Privée Luxembourg S.A. on an interim basis. Thereafter the business will be legally integrated into EFG Bank (Luxembourg) by the end of the year.
Last May, the Swiss group announced the completion of BSI Luxembourg’s purchase.